The Blast mainnet is officially launched! Sharing the project review of the champion group of the Blast incentive competition | TrendX Research Institute

According to official news, the new generation "economic model master" and Blur founder Pacman has launched the automatic interest-earning Layer2 network Blast mainnet, which officially went live at 5:00 AM Beijing time on March 1. This has become one of the focal points attracting public attention from late February to early March, and the current popularity and attention on Blast have surpassed any other L2 networks.

Speaking through data, let's feel the rapid growth of Blast, this giant beast------ just a few days after its launch in November last year, Blast's TVL quickly broke through 500 million USD, and then successfully absorbed a total of 1.3 billion USD in TVL and over 100,000 users in about two months. As of February 29, DeBank data shows that the total asset value held by the Blast contract address is approximately 2.33 billion USD. Among them, about 2.1 billion USD in ETH is deposited in the Lido protocol, 170 million USD in assets are deposited in the Maker protocol, and the assets in the wallet are about 26.11 million USD.

1. Blast initially gained curiosity and attention by leveraging the founder's background, successfully making its debut.

2. Further leveraging its greatest competitive advantage------ automatic interest-earning L2, to attract users. Before the mainnet went live, it directly announced to users that depositing assets could earn corresponding ETH staking rewards and stablecoin interest, which was enough to attract crypto users to flock in, with expectations of point exchanges for airdrops later.

3. Before the mainnet launch, it launched a testnet and the Big Bang incentive program, extending olive branches to major project parties and developers, further building and improving its network ecosystem. This not only laid the groundwork for the mainnet launch but also completed the most important construction and enrichment of ecological integrity and diversity.

4. The above excellent and successful operational strategies ensured that there were both users and projects at the time of the mainnet launch, seemingly ready for an ecological flywheel to be set in motion.

Testnet and Incentive Program Preheating

On January 17, Blast attracted attention with the launch of its testnet and a month-long Big Bang incentive program, which encourages developers to actively build applications in its ecosystem and conduct competitions based on certain rules. Winning projects can receive airdrop rewards amounting to 50% of the total token supply promised by Blast for projects deployed on the network.

As shown in the image, Blast's airdrop rewards are straightforward: half of all Blast airdrops go to winning projects and mainnet application developers, while the other half goes to users who provide liquidity on Blast. This clear and direct incentive method is highly attractive to both developers and users. For project parties, the cost of participating in the competition is low, the threshold is relatively low, and the Blast network already has a certain user base, making it a new L2 launch opportunity, while also receiving the most important airdrop rewards (financial support). Additionally, the types of projects supported by this Big Bang competition are very diverse, prompting various project teams to layout and join the Blast track.

Through this competition activity, the projects on the Blast network were quickly enriched and completed just before the mainnet launch, injecting a powerful boost into the vigorous development of the network ecosystem. The greater significance of this activity lies in shaping Blast itself into an L2 with Launchpad attributes, which will have a profound impact in the future.

According to the competition results, this round of BIGBANG has selected a total of 118 potential projects, including 47 Winners projects, 31 Runner-Ups projects, and 40 Honorables projects, covering 8 major categories such as DeFi/NFT/social/gaming/infrastructure, etc.

Image source: 深潮 TechFlow

To help everyone further understand the rapidly developing Blast ecosystem and to assist in filtering more valuable investment targets from the vast array of Blast ecosystem projects, TrendX will introduce and analyze the following Winners group projects based on the aforementioned award list, considering project positioning, financing history, airdrop distribution mechanisms, and other factors.

Blast Ecosystem Project Sharing

1. Ambient Finance

Financing History: In July 2023, Ambient Finance completed a $6.5 million seed round led by BlockTower Capital. Prior to the seed round, it received funding support from PostiveSum and Motivate in the Pre-Seed round, with specific amounts undisclosed.

Developer Airdrop Share Distribution Mechanism: Not yet disclosed

Introduction: Ambient Finance was formerly known as CrocSwap, an improved AMM protocol characterized by its ability to uniformly support concentrated liquidity market making, full-range liquidity market making, and on-chain limit orders within a single liquidity pool. Ambient is a singleton contract that supports hooks, dynamic fees, automatic compounding, and gas fee savings.

Related Link: https://app.trendx.tech/project/d908a23e02da0a206a3fc9544a6b3ced4f07b38a635b1633ac5df86e0a3d2be4

2. Thruster

Financing History: The official investor list includes DCFGod, PopcornKirby, B1lurr, CBB0FE, Casey Caruso, 0x Lawliette, Loomdart, etc., with other information undisclosed.

Developer Airdrop Share Distribution Mechanism: Once the developer airdrop from Blast is received, the project will direct the incentives from the airdrop pool to some key collaboration pools through a unique mechanism to promote Thruster's liquidity fitness and attract more users. Introduction: Thruster is a DEX designed specifically for Blast, led by decentralized finance enthusiasts, providing developers with a fair launch mechanism and liquidity tools, while offering users the best LP yield opportunities, built-in analytical tools, and a simplified trading experience. Thruster supports various AMM market-making types, including concentrated liquidity market making, full-range liquidity market making, and stable market making.

Related Link: https://app.trendx.tech/project/d6875de08e4edfa3d553ae9fdc20b100ac749311480304aa6bb65b7688855ba0

3. Mangrove

Financing History: In 2021, Mangrove completed a $2.7 million seed round. In February 2023, Mangrove completed a $7.4 million Series A round, led by Cumberland and Greenfield Capital.

Developer Airdrop Share Distribution Mechanism: 100% returned to Mangrove users

Introduction: Mangrove is an order book DEX, notable for its "re-staking" mechanism, allowing liquidity providers to re-deploy liquidity that is deployed on other protocols to Mangrove's order book, thereby expanding potential profit opportunities. However, Mangrove does not lock these liquidity assets but merely lists them, allowing users' liquidity to operate normally within other protocols and only be utilized when quotes are accepted. On Mangrove, code can be attached to quotes published on the order book, aggregating all liquidity within the Blast ecosystem and doubling profits.

Related Link: https://app.trendx.tech/project/41250c0020385b5b256d961092b369b5c42a2029e7f5fb8420e39bbe58cf120b

4. Ring Protocol

Financing History: None

Developer Airdrop Share Distribution Mechanism: Not yet disclosed

Introduction: From the testnet UI, Ring Protocol is a classic AMM model DEX, and it will launch Launchpad services in the future. According to the award introduction, Ring Protocol allows liquidity providers to earn profits by staking base assets and RWA assets. Ring Protocol opens a new era of decentralized exchanges on Blast, maximizing asset utilization.

Related Link: https://app.trendx.tech/project/9fd11510d28b9b6e2180f1f04f3720436f9f8229046f9e2a62f4d6c31125a931

5. InfinityPools.finance

Financing History: The development team Lemma Labs completed a seed round in December 2021, with participation from Standard Crypto, Dragonfly, Nascent, Multicoin, Robot Ventures, Coinbase, Uniswap, Wintermute, GSR, Kronos, and Folius.

Developer Airdrop Share Distribution Mechanism: Not disclosed

Introduction: InfinityPools claims to provide unlimited leverage for any asset (officially stating a maximum of 10,000 times, but initially limited by the volatility of the underlying asset), with no liquidation, no counterparty risk, and a decentralized contract trading platform without the need for an oracle.

Related Link: https://app.trendx.tech/project/5b1a21070e66c7847c97ed42177267536b2030593de76e636e9e4068584a48ab

6. SynFutures

Financing History: In 2021, SynFutures completed a $14 million Series A round, led by Polychain Capital. In October 2023, it completed a $22 million Series B round, led by Pantera Capital, with participation from SIG DT Investments and HashKey Capital.

Developer Airdrop Share Distribution Mechanism: 100% returned to the community

Introduction: A well-established derivatives exchange that has previously deployed to multiple ecosystems such as Polygon, accumulating a trading volume of $23 billion. It offers perpetual DEX with up to 100 times leverage and native yield, powered by Blast. Oyster AMM model = CLMM + on-chain limit orders.

Related Link: https://app.trendx.tech/project/4e2cb4a16569bd30e81791262a2d3b2bb342d48a9f75380c7e363e94473860cf

7. 100x Finance

Financing History: Not disclosed

Developer Airdrop Share Distribution Mechanism: 100% returned to users, partners, and the community

Introduction: 100x Finance is a self-custodial decentralized derivatives exchange that supports full-margin trading, providing perpetual contracts, MOVE contracts, and spot trading services with a CEX-like trading experience. 100x Finance adopts a full-margin model, allowing users to improve capital efficiency, while their margin can continuously accumulate profits through Blast's automatic interest-earning mechanism.

Related Link: https://app.trendx.tech/project/ca8be6aea8bd042ad41c04dfb275cc60c25a6577a281c012c3a6ef806b8175ba

8. Blast Futures Exchange (BFX)

Financing History: Not disclosed

Developer Airdrop Share Distribution Mechanism: 100% returned to the community

Introduction: Blast Futures Exchange (BFX) is an automatic interest-earning perpetual contract exchange built on Blast, providing easy-to-use trading services while allowing users to earn an additional 5% interest on their balances.

Related Link: https://app.trendx.tech/project/af5bd18dd7dbdfbced28a9238f505e98b58d5826dbfcbd2feae54fcabf87c161

9. Blitz

Financing History: Not disclosed

Developer Airdrop Share Distribution Mechanism: 100% returned to the community

Introduction: Blitz is a branch of the perpetual contract exchange Vertex on Arbitrum, built on Blast, supporting spot and perpetual contract trading services. Blitz adopts a full-margin model and will connect cross-chain liquidity with Vertex on Arbitrum, providing users with better trading depth.

Related Link: https://app.trendx.tech/project/416c57810ba203d36f9d81b9732bde1eb71e3395e82b8cde383b56f7e0098b09

10. Bloom

Financing History: Not disclosed; the investor list shown on the official website includes Pantera Capital, Ankr, Founders Fund, Pyth, Galaxy, and Biconomy.

Developer Airdrop Share Distribution Mechanism: 100% returned to long-term users and liquidity providers.

Introduction: Bloom is a decentralized derivatives exchange that supports 50 times leverage, no gas fees, and automatic interest-earning. Bloom's contracts have been audited by the third-party security company Zellic, and the report will be disclosed after the audit is completed.

Related Link: https://app.trendx.tech/project/e09eb49dd386ac4fac7ee00d6d804833a95840edd88f79e00497f9ad77aea574

Conclusion

According to the official announcement, Blast stated that a significant portion of the airdrop will be given to the 47 Winners champion projects, scheduled for after the originally planned mainnet launch in May. However, the mainnet has been launched early in March, which indirectly reflects that this month-long testnet competition activity has indeed achieved unexpected results, and the mainnet launch can be seen as a timely follow-up. In this context, it is evident that the Blast team is full of confidence, and the planned airdrop distribution should quickly arrive with the mainnet launch, continuing to maintain the ecosystem's enthusiasm. As small investors, prioritizing participation in Winners projects within the blossoming Blast ecosystem should be the best way to maximize airdrop opportunities. After selecting projects and understanding the rules, it is also advisable to focus on multiple benefits and try various projects to experience different gameplay. The Blast mainnet and the team's support for the entire ecosystem will continue for some time, and if there are any future benefits, TrendX will keep an eye on it and bring updates to everyone.

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